Balanced Budget plan
A SPECIAL COMMITTEE of the Social Partnership recommended savings to the Government’s Budget of about $750 million in a pre-Budget report to Minister of Finance Chris Sinckler.
In the report, dated April 12, the committee, which was constituted by Prime Minister Freundel Stuart and included representatives from Government, the private sector and trade unions, produced an “action plan” to cut the fiscal deficit and achieve a balanced budget.
While the plan was styled as home-grown, the committee urged Government to get “balance of payments support” from multilateral financial institutions led by the International Monetary Fund.
However, when he delivered his Financial Statement And Budgetary Proposals on May 30, Sinckler dismissed the recommendations as unworkable in the circumstances, though he called the fiscal deficit “public enemy number one”. (SC)
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